Nick's Company grants each of its 50 executives 125 stock options on January 1, 2020. Each option permits the employee to purchase shares of Nick's stock for $35 per share after a two-year vestment period. Nick's stock is trading at $40 per share at the time the options are granted, and the options have a fair value of $6.50 per option. On July 20, 2020, two executives leave Nick's Company, and another three executives leave on April 15, 2021. On January 2, 2022,35 executives exercise their stock options (the market price is $42 per share on this date). The remaining stock options expire on January 1, 2023. Provide all necessary Journal entries through January 1, 2023